Chainlink (LINK) is currently trading at $9.43, down 5.98% over the past 24 hours. The daily range has been relatively tight, with a high of $10.04 and a low of $9.06, indicating a lack of volatility in the short term.

The trading volume stands at approximately $720 million, which represents 10.80% of its market capitalization. This volume suggests moderate interest but is accompanied by declining price momentum, as evidenced by significant 7-day and 14-day price declines of 19.17% and 26.66%, respectively.

Technical indicators show that the hourly RSI is at 27, indicating oversold conditions, while the 7-day RSI at 35 suggests weakness in price action. Moving averages also reflect bearish sentiment, with the 8 SMA at $9.52 and the 13 SMA at $9.63, both indicating downward trends over the short term.

The 55 SMA at $10.14 and the 144 SMA at $11.03 confirm a longer-term bearish outlook, as they are significantly above the current price. Overall, these technical indicators suggest a persistent downward trend in LINK's price, with resistance levels remaining unbroken.

Given the current price dynamics, short-term traders may consider a cautious approach as LINK struggles to maintain upward momentum. The combination of high selling pressure and negative price movements over multiple time frames supports a bearish outlook.

In conclusion, the recommendation for Chainlink (LINK) is to Sell. The strong downward trends, coupled with oversold conditions and a lack of bullish signals, indicate further potential declines in the near term.